$35m NCDMB Challenge: EFCC Re-arraigns Akindele Akintoye, Witness Says $6.9m Transferred In Money

The Financial and Monetary Crimes Fee (EFCC) on Monday, 1 December 2025, re-arraigned Akindele Akintoye earlier than Justice Ekerete Akpan of the Federal Excessive Courtroom in Abuja on an amended six-count cost referring to alleged dishonesty and the conversion of $35 million below the Nigerian Content material Growth and Monitoring Board (NCDMB) challenge.

Two different defendants are named within the case: Platforms Capital Funding Companions Restricted and Duport Midstream Firm Restricted.

Prosecution counsel, E.E. Iheanacho, SAN, informed the court docket that the amended cost, dated 27 November 2025, had been filed and requested that it’s learn to the defendants so they might enter their pleas.

Counsel to the primary and second defendants, E.O. Adekwu, SAN, in addition to counsel to the third defendant, B.J. Akomolafe, raised no objection.

One of many counts alleges that between December 2020 and February 2021, Akindele Akintoye and Platforms Capital Funding Companions Restricted “not directly retained the sum of $16,006,000, a part of funds dishonestly transformed from cash paid by the NCDMB Capability Growth Intervention Firm Restricted to Atlantic Worldwide Refinery and Petrochemical Restricted, realizing that the sum constituted proceeds of illegal exercise,” opposite to Part 15(2)(d) of the Cash Laundering Prohibition Act, 2011 (as amended), and punishable below Part 15(3) of the identical Act.

One other rely states that between December 2020 and January 2021, the identical defendants “not directly used $9,048,725, additionally a part of funds dishonestly transformed from NCDMB funds to Atlantic Worldwide Refinery and Petrochemical Restricted, realizing the sum constituted proceeds of illegal exercise,” in breach of the identical regulation.

All defendants pleaded “not responsible” to the fees.

Throughout proceedings, the prosecution referred to as its third witness, Isah Yusuf, who described himself as a dollar-sourcing agent who earns commissions. He mentioned he, together with one Adeshina, sometimes supplied money {dollars} to the primary defendant, although he met Akintoye in particular person for the primary time on the EFCC workplace throughout the investigation.

The witness informed the court docket that in 2021, a Zenith Bank employees member, Adeshina, contacted him a couple of shopper who wished to swap account-held {dollars} for bodily money. Yusuf mentioned he met Mrs. Bunmi, the proprietor of Oxygen Oil and Gasoline and Kensley Logistics Ltd, in addition to one other particular person, Mr. Yunusa, who held 4 company accounts: Rochdale Logistics Ltd, Honda Manufacturing, Porkfirst Ltd, and World Factual.

He added that the {dollars} have been transferred to those company accounts and money was delivered in {dollars}. “I obtained the {dollars} in money from Oxygen Oil and Gasoline and Kensley Logistics Restricted and the opposite 4 accounts gave him money,” Yusuf mentioned.

When requested concerning the supply particulars, Yusuf confirmed that the money deliveries have been made on a number of events at Victoria Island, Lagos, and that he had said the identical in his EFCC assertion.